All articles tagged with #auto strikes
United Auto Workers President Shawn Fain will hold a Facebook Live event on Friday amid ongoing selective strikes against the Detroit Three automakers. The livestream, scheduled for 4 p.m. EDT, comes as negotiations continue and the UAW has expanded strikes at various facilities. Fain has previously used these events to announce strike expansions, and the topic of this livestream has not been disclosed.
U.S. stocks ended the quarter in the red, with the Nasdaq Composite being the only major index to see a slight increase. Europe's Stoxx 600 also experienced its worst quarterly performance in a year. Euro zone inflation fell to 4.3% in September, the lowest since October 2021. The personal consumption expenditure index for August rose 3.5% from a year ago, while core PCE increased by 3.9%. The U.S. Senate passed a spending bill to avoid a government shutdown, but only temporarily. The United Auto Workers union expanded its strikes, with more autoworkers joining the picket lines. This week will focus on the labor market, with the release of the Job Openings and Labor Turnover Survey and the September jobs report. Despite a cooler-than-expected core PCE reading, stocks fell in September, but analysts suggest that the market may be oversold and could potentially bounce back in October, historically a winning month for stocks.
The start of a new quarter brings a focus on the September jobs report, which is expected to show 168,000 nonfarm payroll jobs added to the US economy with a drop in unemployment to 3.7%. The auto sector remains in the spotlight as the United Auto Workers (UAW) expands its strike at Ford and GM, while Tesla is expected to report lower quarterly deliveries. Stocks enter October after two consecutive down months, and investors are split on the impact of higher interest rates and yields on the stock market.
This week, investors will be closely watching key inflation data, the release of new iPhones by Apple, and the looming deadline for labor negotiations in the auto industry. The Consumer Price Index (CPI) for August will be released on Wednesday, with expectations of a rise in headline inflation driven by increasing oil prices. Apple's fall event on Tuesday is expected to unveil new iPhones, Apple Watches, and a new charging port. The United Auto Workers and automakers Ford, General Motors, and Stellantis face a September 14 deadline for contract negotiations, with the possibility of a strike. Last week, concerns over inflation and China's economy led to choppy trading in the markets.